Correlation Between Calvert International and Greenspring Fund
Can any of the company-specific risk be diversified away by investing in both Calvert International and Greenspring Fund at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Calvert International and Greenspring Fund into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calvert International Equity and Greenspring Fund Retail, you can compare the effects of market volatilities on Calvert International and Greenspring Fund and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Calvert International with a short position of Greenspring Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calvert International and Greenspring Fund.
Diversification Opportunities for Calvert International and Greenspring Fund
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Calvert and Greenspring is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Calvert International Equity and Greenspring Fund Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greenspring Fund Retail and Calvert International is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Calvert International Equity are associated (or correlated) with Greenspring Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greenspring Fund Retail has no effect on the direction of Calvert International i.e., Calvert International and Greenspring Fund go up and down completely randomly.
Pair Corralation between Calvert International and Greenspring Fund
Assuming the 90 days horizon Calvert International Equity is expected to generate 1.02 times more return on investment than Greenspring Fund. However, Calvert International is 1.02 times more volatile than Greenspring Fund Retail. It trades about 0.28 of its potential returns per unit of risk. Greenspring Fund Retail is currently generating about 0.21 per unit of risk. If you would invest 2,404 in Calvert International Equity on October 26, 2024 and sell it today you would earn a total of 101.00 from holding Calvert International Equity or generate 4.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calvert International Equity vs. Greenspring Fund Retail
Performance |
| Timeline |
| Calvert International |
| Greenspring Fund Retail |
Calvert International and Greenspring Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calvert International and Greenspring Fund
The main advantage of trading using opposite Calvert International and Greenspring Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calvert International position performs unexpectedly, Greenspring Fund can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Greenspring Fund will offset losses from the drop in Greenspring Fund's long position.| Calvert International vs. Goldman Sachs Smallmid | Calvert International vs. Hunter Small Cap | Calvert International vs. Astoncrosswind Small Cap | Calvert International vs. Df Dent Small |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Commodity Directory module to find actively traded commodities issued by global exchanges.
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